Are you missing these pages in your business plan?

Jun 20, 2022

The missing pages of every business plan

A wellness plan is more important than a financial plan when it comes to your long-term business success.  Most of us have had some experience with business plans.  Usually, this interaction occurs in the beginning stages of a business when you are trying to convince someone like a bank or investor to give you money because you have a really good business idea and the business plan is created to support this.  The traditional business plan outlines financial forecasts and market demand and it is usually speckled with cute little pie charts and line graphs to really drive home the point that you are sitting on a gold mine of an idea!  The bank, SBA, or investor ends up cutting your check, and you are stoked.  This vote of confidence is an indication that your business plan is complete and then off to a dark drawer it goes!

  I believe the traditional business plan is missing pages!  Nowhere in the index does it mention anything about owner health and wellness!  This might seem fine to you but I am here to tell you that is a BIG deal!  Anyone that has been involved in business knows how crucial the mental and physical health of its founder is! Yet, nothing is mentioned in the business plan to address the plan to keep them healthy.  Many businesses hedge their risk of losing key members of their team by taking out life insurance on these people.  These policies are called key person life insurance.  What is more likely, death or burnout as a business owner?  Obviously, burnout.  The stats show that most business owners experience burnout at times or even chronically.  My professional experience aligns with these stats when I think of myself and my client's situations.  

To simplify your importance in your business, answer this question: What would happen if you were hit by a bus tomorrow morning?  What would happen to your business?  Although a bit morbid, it helps us see exactly how linchpin we really are to our business.  We are connected to every aspect of the workflow.  The amount of energy, creativity, and optimism we bring with us to the office each day has drastic effects on our overall success.  Even the Sharks agree!  On the hit TV show Shark Tank, there are many times when the exact idea the entrepreneurs are presenting is not quite developed or maybe still has a long way to go before it’s a viable business but this does not always stop the sharks.  Often the sharks will still invest!  They say that they are investing in the PERSON behind the business venture.  Who we are and how we show up in our businesses matters, A LOT.   I got my accounting degree from a top business school in the nation.  I learned many mechanical aspects of the business formula.  Revenues, expenses, cost of goods sold, inventory, assets, liabilities, supply chain, and marketing, but never was the health and wellness of the business owner ever discussed even though it is absolutely critical to long-term success.  This would be similar to focusing on the playbook of a basketball team without any consideration for cardio training, strength training, flexibility, recovery, nutrition, and sports psychology!  There is a reason a professional basketball team has so many people on its payroll besides the players.  The players need to be in peak health (physically and mentally) to be able to execute the plays in the playbook.  The playbook is a pretty small part of the larger equation.  I liken that to business owners and the ‘mechanics’ of running a successful business.  Time and attention need to be given to the owner’s capacity to execute and lift the load (run the plays).  

 Does your current business plan include a strategy for your health and wellness?  What are you doing today to prevent burnout and 'injury'.  What will you do this week to sharpen your edge?  What is stopping you?  

A wellness plan is more important than a financial plan when it comes to your long-term business success. - [insert mic drop]

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